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    Oz Senex Reports Underlying Profit in Jul-Dec

Summary

Sales revenue was up 239% year/year.

by: Shardul Sharma

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Oz Senex Reports Underlying Profit in Jul-Dec

Australian explorer Senex Energy February 22 reported an underlying profit, which removes one-off items, of A$0.6mn (US$0.47mn) in the six months ending December 31 (H1). It has posted a loss of A$9.9mn in the same period of the previous year. 

Sales revenue was up 239% year/year to A$44.8mn thanks to a 271% yr/yr jump in production. Its statutory net profit was down 94% yr/yr and was affected by the A$1.6mn loss on the sale of its Cooper basin assets.  

Production in the Surat basin now exceeds 50 terajoules/day, or more than 18 petajoules/year and equivalent to around 10% of Queensland’s natural gas demand, with natural gas production in the half of 8 petajoules exceeding total FY20 production, demonstrating the increase in gas field production performance,” CEO Ian Davies said.  

For the full year, the company has narrowed the production guidance to 17-18 petajoules versus 16.3-18.6 petajoules.